LONDON: British drugmaker GlaxoSmithKline on Wednesday slashed its 2014 profits forecast as second-quarter earnings sank on the back of weak US trade, adverse currency moves and a Chinese bribery probe.

In a gloomy results statement, GSK said it now expected its earnings per share — a key measure of performance — to be “broadly flat” this year.

Net profit, or profit after tax, dived 37pc to £654 million ($1.11 billion, 827m euros) in the three months to June 30, down from £1.045bn in the same period of last year, GSK added.—AFP

Published in Dawn, July 24th, 2014